- After section 271H of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely: -"271-I. Penalty for failure to furnish information or furnishing inaccurate information under section 195. - If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information, or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.".
